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866 T H E L E A D E B. • [No. 439, Attgv...
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.LONDON« Printed and published by Freder...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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866 T H E L E A D E B. • [No. 439, Attgv...
866 T H E L E A D E B . [ No . 439 , Attgvst 21 , 1858 .
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EAGLE INSURANCE COMPANY . " ~^~~ Th « annual general meeting of the shareholders of this company was held on Friday , the 18 th . inst ., at Radley ' s Hotel , Bridge-street , Blackfriars KicW * tt Llovd , Esq ., the chairman off the hoard of directors , in the chair . Ttws notice convening the meeting having been read , ' avicnara Harman The Chairman said the directors -were happy to meet the gentlemen present on that occasion , not only because they saw before them a highlv resnectaT . l * ™ body , but on account of what be believed vould be considered tb % exc « edingly satisfactory report which would be r $ ad to them-. It would be recollected that -K" f " annual meeting the directors bad been empowered to amalgamate . wit * certain other companies ; three of these companies , as would he seen by the renort h « Hi ^ , j ' rangementa by which their interests became merged in the Eagle brace . _ The fourth , which was the largest and most important ; he meant the Albion had sin ™ S ar * was drawn up , transferred its business to tie Eagle —( cheers)—upon terms which he could assure the gentlemen present would be found most satisfaetorv to all n-w - rep ° cemed . ( Cheers . ) He did not know that the stateof their af & iirs required any further cooiment on his part .. There were three of the directors of the AIM ™ C - ° " Mr . Cater , Mr . Chatfield , and Mr . Russell , all of them gentlemen with whom the directors would be happy to act in . unison , and , as the report would speak for i ^ if ? would now call upon the actuary to read the report . " ' The following report was then read : — " The time has again arrived for the directors to make their annual report to the proprietors , and to give them an account of the progress of the comnanv iTnrf * i year ending 30 tb June last , and of its financial condition at that date . , * > ™ nng the "As the surplus fund account serves to indicate the occurrences of the year , an abstract of that account is first presented : — " SURPLUS FUND ACCOUNT . " DTCOMB © T THK TEAR ENDINQ 30 TH JUNE , 1858 . I "CHARGE OF THE YEAB . Balance of account , SOth June , 1857 .. " .. • -. £ 306 , 428 5 5 Dividend to proprietors .. .. .. .. ™ ,, Ditto , ditto , three small Assurance Companies .. .. 118 , 80113 6 Claims on decease of lives assured £ 113 086 * * < i 6 8 ¦ 425 , 229 18 11 Additions thereto .. .. .. .. .. .. 16 ' 377 la 11 Premiums on new assurances .. .. .. ... .. 15 , 725 14 9 Policies surrendered " 7 * 873 14 ? Ditto on renewed ditto .. .. .. .. .. .. 169 . T 89 16 1 Re-assurances .. .. .. . .. .. Sl ' , 030 310 185 . 515 10 10 £ " 158 368 14 , V Interest from investments .. .. .. 57 , 312 16 7 Commission .. .. .. .. .. ... .. .. < $ o <» 17 <> —— 242 , 828 7 5 Medical fees .. .. .. .. 675 15 0 - Income-tax . .. .. .. . „ , ,. , -i en < -ir r £ 668 . 053 6 4 Expenses of management .. . " . 8 , 775 0 0 175 , 930 2 3 Balance of account , 30 th of June , 1858 .. .. .. ~ ~ [ 7 4 S 2 . 879 7 7 t ( Examined and found to be correct , ( Signed ) THOS . ALLEN o £ 6 « 8 . 058 6 4 WILLIAM H . SMITH , jun ., f AudItor 3 - •' From this statement it will be seen that three comparatively small assurance companies have merged into the Eagle during the year , and that out of the assets transferred hy thexn ' as hereinafter mentioned they have together contributed 118 , 801 / . ISs . 6 d . to the company ' s surplus fund . ' !*• The income from new premiums is 15 , 725 t 14 s . 9 d . Last year this amount was 11 , 900 / . only . A portion of the increase , however , arises from tlie issue of two three large assurances , some of the risk under which it has been necessary to re-insure . " Thetotal incoma is 242 , 8282 . 7 s . 5 d ., being 25 ^ 375 / . 10 s . i Id . more than that reported at the last annual meeting . The total income would have reached about 290 000 ? but for the reductions of premium allowed by way of bonus , and for the fact -that only parts of the incomes of the newly transferred companies appear in this account * " The claims are leas by about 43007 . than they were in the foregoing year , notwithstandingthat the amount at risk has latterly been much larger than it was some eiftht months previously . . •'• . ; '¦ . -.. ; ¦ : _ : . ¦ ¦ ..- ¦ ¦ v '"¦ ' ¦ ¦ - - : ' v . ' ' ' - ¦¦ ¦ ¦ . '¦¦ . ¦ ' ¦¦ . \ ' ¦ .- '' ¦ '¦'¦¦' ¦ ' ¦ ' ¦• - ' ' '¦ ¦ . ¦ ¦ ¦ ..- . ""¦ ¦ ¦ ¦ ¦ ¦' . ' : ¦ ¦ ' ¦ . ¦ " The expenses , it will be observed , are somewhat greater than they were ; the increase is mainly attributable to theneedful enlargement of the company ' s staff of employe ' s . . - . " As regards the financial condition of the company at the termination of the year , the directors wilt now refer to the balance sheet , which is as follows- ¦ , : V ¦ ¦ ¦;¦ ¦ ; . ¦ ¦ ,.. ¦ ¦ ¦ , ¦ ¦ ¦ ¦ ¦ ¦ . ¦ ; ¦ ¦ : ¦ ¦; " BALANCE-SHEET- ¦ : ' ¦ ¦ ' ¦ ¦ ' . ' ¦ ¦ ¦ ¦¦ ' " " IIABIXITIES . £ S . d . "ASSBT 8 i £ sd Interest due to proprietors . .. .. .. .. . - . ... ¦ .. .. .. 16 . 883 7 1 Amount invested in fixed mortgages and life interests .. .. .. .. 1 , 030 , 221 8 9 Claims and additions thereto ... .. .. .. .. .. .. -. 44 , 388 2 9 Ditto decreasing morteaees . .. 7 jiqq 7 iS ' « Sundrv accounts .. .. .. .. .. .. .. ,. .. .. 8 , 322 5 4 Ditto reversion ! .. ? . .. . * ' .. ' .. "I .. ' . ' " It ' ^ l ' it 7 Vaju «_( 1857 ) x » f sums assured , kc . . ... .. .. .. .. .. ¦ , .. 3 , 252 * 648 19 1 Ditto Tundcd property and Government annuities .. .. .. . - . og ( 624 1 10 Proprietors fund .. .. .. .. .. .. .. ^ £ 188 , 112 0 0 Ditto other securities .. .. .. -mi .. .. ... .. 7 ? i » 7 « in " , Surploafund , as above .. ... .. ..- ¦ ¦ ¦ .. .. 482 , 87 » 7 7 - M 1 -T ¦ Current interest on the above investments .. .. .. .. .. 27 , 191 » 0 — " ' ' 670 , 991 7 7 Cash and bills .. .. .. .. .. .. .. .. .. .. S 735 I-14 4 ' ** aa * i * i i m Advances on the company ' s policies .. .. .. .. .. . . . GC ^ l 5 £ 3 , 993 , 334 110 Agents'balances .. .. .. .. .. .. .. .. .. .. ie » 5 CS 7 5 Sundry Accounts .. .. .. .. .. .. .. ¦ .. .. .. 5 , 563 19 11 value ( 1857 ) of assurance premiums .. .. .. .. . .. .. 2 , 466 , 771 15 9 . ¦ '¦ ¦ £ 3 , S 93 , 334 . ' 1 . 10 . ¦ ' . *• Examined and found to be correct , ( Signed ) THOS . ALLEN J . ,. WILLIAM II . SMITH , jun ., J Audltors - " This document exhibits an amount of assets not much short of four millions , about one million and a half being realised , and two millions and a half in course of realisation . The last report stated these items to be 1 , 344 , 7992 , 12 s . Id ., and 1 , 536 , 980 / . 19 s . Id . respectively ; the increase on the two is , therefore , ' 1 , 111 , 558 / . 10 s . 8 d . The surplus fund , that is to say , the provision for future bonuses and expenses , amounts to 482 , 879 / . 7 s . 7 d . " These statements , it is to be observed , include nothing in connexion with the Albion Assurance Company . The directors , however , have tl )« satisfaction of reporting that the amalgamation of that office with the Eagle has just been completed , and that the addition of its funds will raise the company ' s assets realised , and to be realised , to no less a sum than 5 , 123 , 6437 . 4 s . 9 d ., and its surplus fund ( subject of course to a revaluation ) to 611 , 118 / . lla . 3 d . ¦ " The annual income of the company arising from these several combinations is now about 365 , 000 / ., or as nearly as may be 1000 / . per diem . ' " 2 Tow , of this income about 80 , 000 / . arises from the premiums on non-participating assurances , the surplus in respect of which , together with certain other extraneous sources of profit , is sufficient not only , to defray all the company's expenses , but to meet the payments accruing to the proprietors over and above the interest realised by their own capital . — " Hence the assured of the participating class are placed in as advantageous a position as they can , under any circumstances , fairly expect to be . All their payments to the company are carefully improved for them , at a high rate of compound interest , and form a fund , subject to no deductions whatever other thnu those arising from tlic satisfaction of the claims under their own policies . . " Such is the position the company has now attained . The directors feel that all who care to trace its progress of late years will find ample reason to be satisfied with it . " Th . e Chairman said that he would move the adoption of the report which they had just heard read , and which he hoped would be found satisfactory to all who were interested in the company ; "but before putting the motion he would be very happy to answer any questions upon matters which might appear to require further explanation . Mr . Cheere ( an « x-director of the Palladium ) , in seconding the motion for the adoption of the report , said he could not refrain from tho expression of l » is gratitication at hearing the statement which had tbat day been made to the shareholders by the directors . He had followed tho statement of figures carefully , and had been , he mi ^ ht say , astounded as well as delighted at hearing that their income now amounted to nearly 1000 / . per diem . ( Hear , hear . ) He congratulated his brother Huarcholdci-a on the evidences of vitality shown by the report . The directors might have perhaps fairly rested content with what had been previously done ; but so fjir from that hu found by the report that the new business transacted during the past year yielded an annual income of 15 , 725 / . That fact proved that the directors were not contenting themselves with _ past success , hot were zealously , energetically , and most efficiently exerting themselves to promote tho great objects of tho company . ( Hear , ) They wcro in tho best And most practical way keeping alive the great and noble principle of life assurance . ( Hear , hear . ) Nothing to his mind could be inoro satisfactory than the report which had been read by their secretary , and moved by their highly respected chairman ; and he had therefore tho greatest pleasure in seconding the motion for its adoption . The , resolution was then put and carried unanimously amid general applause . Mr . Thomas Allen , the retiring auditor , was re-elected . The Chairman then announced that the business which the directors had to bring before tho meeting was closed . Mr . Cheere said he hoped , before the meeting separated , they would join him in doing an act of common justice . ( Hear , hoar . ) Ho begged to pronofc a vote of thanks to the directors , who had that day presented so gratifying and so satisfactory a report . ( Ohcers . ) Nothing had struck him moro forcibly , a « a participating ns » iiror , tlmn the statement that the per-centage upon the non-participating policies was sufficient to meet tho whole of tho expenses of the establishment ; ami that , in fact , the assurers under the higher rate of premiums would receive back the whole of their money without any deduction whatever for expenses . ( Cheers . ) Ho Jind very great pleasure in moving a vote of thanks to the chairman and directors . ( Applause . ) . The motion , having been seconded , was carried with great unanimity , and the thanks of tho meeting having been in like mannor given to tho medical officers , Dr . Setli Thompson , Mr . Saner , and . Mr . Oooke ; to the auditors , Mr . Thomas Allen and Mr . William Heivry Smith , jun . ; and to tho actuary , tho meeting scpnrated . The trustees and directors of the company are now as follows , viz .: TRUSTEES Lord Bateman , I Joseph Esdaile , Esq . Hicliard Harman Lloyd , Esq . I Ralph Charles Price , Esq . Robert Cheere , Esq . | Charles Thomas Holcombe , Esq . William Jaincs Maxwell , Esq . | Hon . E . T . Yorlco , M . T . And other gentlemen . DIRECTORS Ralph Charles Price , Esq ., Chairman . "twi v / no . Charles BischofF , Esq ., Dcputy-Chnirninn . Thomas Boddington , Esq . Nathaniel Gould , Esq . Joshua Lockwood , Esq . George UmtsoU , Esq . John White Cater , Esq . Robert A . Gray , Esq . James Murray , Esq . Thomas Godfrey Siunbrooke , Esq . Charles Chatfield , Esq . William Augustus Guy , M . D . Sir W . O . Ousoloy , K . C . B , D . C . L . Charles Evan Thomas , H * q . Thomas Pevas , Esq .. Charles Thomas Holcombe , Esq .. W . Anderson Pcacoclc , Esq . Capt . Louis Symonda Tiudul , K . N . Sw James Bnller Bast , Bart , M . P . Richard Harman Lloyd , Esq . Philip Rose , Esq . Right Hon . Sir John Yomitf , Uavt .
.London« Printed And Published By Freder...
. LONDON « Printed and published by Frederi c * Guest Tomlins At" The Lfiador" Office , No . 208 Strand , In tho County of Middle ^* . —August 21 , 1858 .
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Citation
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Leader (1850-1860), Aug. 21, 1858, page 856, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/ldr_21081858/page/32/
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